Uber pursues valuation of more than $12 billion - report

SAN FRANCISCO Thu May 22, 2014 6:23pm EDT

SAN FRANCISCO May 22 (Reuters) - Uber, the app-based transportation company, is seeking to raise about $500 million from a group of fund managers as part of a deal that could value the startup at more than $12 billion, the Wall Street Journal reported on Thursday.

Investors that could become part of a funding round include the BlackRock mutual fund and private-equity firms General Atlantic and Technology Crossover Ventures, the newspaper said.

The San Francisco-based company, whose mobile app puts customers in touch with a network of limos and everyday vehicles with drivers for hire, last raised $360 million in August 2013, according to filings. It has raised a total of more than $400 million since it was founded in 2009.

Uber did not immediately respond to a request for comment.

Uber's rides are popular with consumers, but the company has run into difficulties with regulators over issues such as insurance and opposition from the taxi industry. Nevertheless, Uber is available in cities in dozens of countries.

A valuation at $12 billion would put Uber close to Hertz Global Holdings' public market valuation of around $12.8 billion, the Wall Street Journal said.

Uber is backed by investment firms including Benchmark, Google Ventures, Menlo Ventures, and TPG Growth.

(Reporting by Sarah McBride; Editing by Tom Brown)

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